Why AI will drive the future of Employee Benefits

It’s no secret big data is driving us into the future. Why? Efficiency, effective and personal. When you turn on Netflix account on after a long day of work, the movies and TV shows that come on your screen are specifically choses from data. When you’re waking up and check social media, the ads that pop up or tweets you see, are all data driven. The reason for all this is AI effectively and efficiently personalize what you want to see or that are most relatable to you. While most industries have already adopted and are utilizing the AI’s full potential, the Employee Benefit world is behind. But not for long.

From healthy financial advice, benefits personalization, to improving employee engagement: AI is the future of employee benefits.

The long-term problem with employee benefits has always been the complexity and confusion that often comes along with it. Many employees often rarely understand their employee benefits packages or how to usefully take advantage of it, which causes strenuous and tedious hours on HR staffs. What AI does, it simplifies and makes it much more comprehendible to employees and employers. AI has the data to help, it’s just not used, therefore resulting in a lack of efficiency that could solve a lot of problems.

Furthermore, employer’s want’s their flexibility and personalization when it comes their benefit packages. In most cases a one size fit all solution is not only not effective but also not efficient and that is the case with benefits. Employees differ and it’s important their benefit packages align with who they are. Where AI and big data comes in, is they bring the knowledge to provide the package that suits every employee. Further, in today’s candidate driven job landscape being able to personalize a benefit package could put one company head in toes above another. Again, displaying that personalization is a win/win for employer and employee.

Moreover, personalization leads to more engagement between employer and employee leading to an even greater satisfaction. It’s no secret that employees who have greater stability outside of their professional life are more likely to be successful when it comes to their professional life. It also no secret that happiness is also a causation of a more successful work life so again showing the importance and usefulness of personalized benefits package. With more and more data being produced and the right packages being utilized it’s easy to understand how AI will have a very productive impact on employee engagement and satisfaction.

In conclusion big data helps the employee benefit industry by simplifying the process, personalizing to each person and helping company engagement which all leads to a more efficient and satisfactory experience. For these reasons, it seems obvious that like many other industries, benefits will soon be driven by AI and that is for the better.